Private practice opportunity

Dr. Gary Schott and his team of dental assistants, lab technicians and office staff have been providing specialty prosthodontic and maxillofacial prosthetic services to patients at his office in the northeast Indiana city of Fort Wayne for over 30 years.

He has also served as a clinical instructor at the Indiana University School of Dentistry and in the dental hygiene program at Indiana University – South Bend.

One of only two dentists in the state who limits his practice to prosthodontics and maxillofacial prosthetics, he sees patients from throughout Indiana and as far away as Ohio, Michigan, Illinois, and Kentucky. They’re referred to him by dentists, oral surgeons, ophthalmologists, ENT surgeons, plastic surgeons, and speech pathologists.

Some have problems with teeth that are still in relatively good shape; others are dealing with serious issues that have been years in the making. Some are cancer patients or accident victims and some, like hockey players or rodeo cowboys, have occupations that are particularly dangerous to the mouth and face.

In all cases, Dr. Schott and his staff offer the same high level of specialty care, built on years of experience making their patients smile.

“We have something very positive and tangible to give them to make their lives better,” he says. “That’s the special part of what we do.”

PATIENT CARE

While Dr. Schott sees people from all over the Midwest, most come from the more than 750,000 residents of northeast Indiana. He has built up a large network of referring dental and medical professionals in the area, which supplies a steady stream of patients to his fee- for-service practice. Last year, 435 individuals received treatment in his office.

On average, 85 to 90% percent of the practice’s work is in the area of prosthodontics:

On the maxillofacial prosthetics side, patients come to the office for:

ocular prostheses

artificial ears, noses, and other parts of the face and neck

After years of being restricted to eating baby food and pureed soups and vegetables, Dr. Schott engineered a plan that provided me with the functional stability that I had not had in decades due to loose, ill-fitting dentures.

“Not only was I finally able to bite into crisp apples, eat crunchy salads, and enjoy fresh vegetables, but he also gave me the beautiful, dazzling smile that I had always dreamed of.

“I have been a patient of Dr. Schott’s for seven years and now drive 525 miles each way from Tennessee to see him. His precision, perfectionism and attention to every detail is unmatched in my history with over a dozen previous oral care professionals.

— Patient

THE OFFICE

Custom-built from Dr. Schott’s own initial blueprints, his 2700 square-foot office building is specifically designed for a prosthodontic and maxillofacial prosthetics practice.

It features four large operatories and an on- site dental lab with a specialized ventilation system. The main floor sits on a full 10-foot deep storage basement.

Located on the northeast side of the city, it is easily accessed from major thoroughfares and nearby interstates.

NORTHEAST INDIANA

Fort Wayne and the surrounding area is home to beautiful lakes, historic concert venues, a burgeoning restaurant and craft brewery scene, top minor league sports facilities and a nationally-ranked children’s zoo.

Just a few hours’ drive from places like Indianapolis, Chicago, Detroit, Cleveland, Columbus and Cincinnati, it offers many of the amenities of a big city while retaining the feel of a smaller, more connected community.

Consistently noted in publications as a great place to raise a family, Fort Wayne was also recently named by Business Insider as having the lowest cost of living among US cities with 100,000 or more residents.

Because the city is so affordable, Fort Wayne residents are able to have a much higher standard of living than their counterparts in larger metropolitan areas. As an example, according to CNN Money, earning $350,000 in Fort Wayne is equivalent to earning:

$910,000 in New York City

$717,102 in San Francisco

$569,943 in Los Angeles

$475,682 in Chicago

Fort Wayne has two excellent public education systems along with a significant number of high-ranking private and parochial schools. It also features a large network of parks and trails for exercising and exploring, including a 25-mile paved path that runs along the city’s three rivers. In recent years, it has consistently performed well in national quality-of-life rankings, including being named:

best among US cities with the lowest cost of living (Niche)

best place to raise a family (SmartAssets.com)

fifth-safest city in America (InsuranceProviders.com)

fifth-best up-and-coming town for college grads (CBS News)

best minor league baseball stadium in the US (Stadium Journey)

QUESTIONS & ANSWERS

Why consider private practice?In addition to significant opportunities for financial growth, dentists in private practice have control over both the procedures they perform and the patients they see. They also have final say on their staff, schedule and vacation.

Why buy a specialty practice?Buying an established, well-respected specialty practice allows the purchaser to see a full slate of patients from day one. They also obtain the goodwill and referral relationships with other area dental and medical professionals the seller has developed.

How is the value of the practice determined?The value of Dr. Schott’s practice was calculated by taking the average of its yearly earnings over the last five years ($857,529) and discounting that amount by 20% percent, as is customary in the the dental field.

Is the office building included?Dr. Schott’s office building is available for rent or purchase but is not included in the price of the practice.

What if I need help with financing?Dr. Schott has a long professional relationship with First Merchants Bank, a regional institution with branches primarily in central and northeast Indiana. Because of that, they are well-versed in the economics of his practice and have expressed interest in loaning qualified buyers the purchase amount required.

Due to the practice’s financial track record and its reputation in the community, representatives from northern Indiana-based Lake City Bank have expressed a similar willingness. Dr. Schott is happy to connect interested buyers with either or both.

What if I’m not sure I can afford it?Dr. Schott understands the economic challenges of buying a practice, particularly for recent dental school graduates. He is willing to work with a prospective purchaser to find creative financial solutions in order to make both sides happy.

What if I haven’t been trained in maxillofacial prosthetics?Dr. Schott is willing to assist in providing care to the practice’s maxillofacial patients. It is not a requirement that the purchasing dentist continue to provide maxillofacial care but there is a need in the community for it.

How would the practice transition work?However the purchasing dentist desires. Dr. Schott is happy to practice alongside him or her for an agreed-upon period if that is their preference. His goal is for the purchaser to be successful.